Alibaba.com IPO jumps in Hong Kong debut
Shares of Chinese B2B web portal Alibaba.com more than double in value at market open on first day of trading.
HONG KONG (Dow Jones/AP) -- Chinese e-commerce portal Alibaba.com debuted on the Hong Kong stock market Tuesday, with its shares soaring 122 percent to 30 Hong Kong dollars ($3.87) from its issue price of 13.50 Hong Kong dollars ($1.74).
Demand has been heavy for the business-to-business Web site, which raised more than $1.5 billion through its global offering of 858.9 million shares, a 17 percent stake of the company.
The public portion of its offering was 257 times oversubscribed.
Investors have been keen to tap into the booming Chinese technology market. Alibaba.com said its share sale was the biggest technology IPO since Google (Charts, Fortune 500) Inc.'s offering in August 2004.